In a report published Thursday, Stifel analyst Jordan Rohan reiterated a Buy rating on Facebook (NASDAQ: FB), but lowered the price target from $82.00 to $80.00.

In the report, Stifel noted, “While Facebook reported what we view as strong 1Q results, the magnitude of the revenue beat was, for the first time since its 2Q-13 inflection quarter, not a blowout. To be clear, we believe Facebook remains one of the better stories out there in the broader market, but we no longer believe it is a stock that will go straight up.

"We are reducing our target price from $82 to $80 as near-term valuation multiples may be limited by the CFO's departure, the recent acquisitions of WhatsApp and Oculus at premium valuations, and increasingly difficult comps, which will force investors to assess the true long-term sustainable growth rate.”